DAILY REPORT FOR
NIFTY: - Open 4918 High 4918 Low 4672 Close 4771 (-150 points)
P/E 20.35 P/B 5.00 Adv 5 Dec 45
Supp 4700/4660/4615 Res 4810/4860/4935
SENSEX: - Open 16211 High 16211 Low 15689 Close 15975 (-566 pts)
Supp 15600/15330/14900 Res 16160/16250/16440
Fall with very negative advance-decline ratio:-
· Sensex faced consistent selling pressure the whole day as all the sectoral indices on the BSE ended negatively. Volumes were also higher. Though we regained around 300 points from the lows, we could not close above the psychological level of 16000.
· Sentiment was very negative among Mid and Small cap stocks too as lower circuit stocks outnumbered upper circuit stocks by a wide margin.
· The inflation rate stood at 5.02% for the week ended 23 February, up from 4.89% in the previous week. It was at 6.02% a year ago, according to the Wholesale Price Index data released on 7 March. This is the first time in the last 10 months that inflation has breached RBI’s tolerance level of 5%, vindicating the cautious approach adopted by the Reserve Bank in its quarterly monetary review in January.
· BSE Vol Rs 6272 Cr Breadth Adv 295 Dec 2384 Upper Circuit 63 Lower Circuit 975
· NSE Vol Rs 14958 Breadth Adv 332 Dec 865 F&O Vol Rs 38712
· Top Gainers: - Nalco, Suzlon, RCom, Hind Unilever, Bharti Airtel
Top Losers: - REL, Bajaj Auto, Unitech, ICICI Bank, LT
· FIIs bought Rs 513 Cr and MFs sold Rs 66 Cr in cash market. FIIs sold Rs 110 Cr in Index Futures and bought Rs 300 Cr in Stock Futures.
· Total OI 64051 Cr (-420 Cr) PCR at 1.06
· Nifty added 3% OI. Basis -45.35
· OI Added:- Minifty 9%, ColPal 11%, CorpBank 15%, HDIL 11%, J&K Bank 22%, RPower 19%, Tulip 105%, Zee Enter 11%
· OI Shed:- AIA 13%, BankIndia 10%, EssarOil 12%, Indian Bank 15%, Nicolas 22%, Renuka 18%, SCI 15%, UniPhos 11%, WelGuj 16%
Indian ADRs: - http://tinyurl.com/33m7dx
Dow Jones closed down by 146 points as bad jobs data confirmed fears of recession. All the Indian ADRs closed deep in the negative except for Dr Reddy’s Labs which closed flat.
Outlook for Monday:-
· Sensex has broken a major trendline support at 15900 and this support was quite important as far as the bull rhythm is concerned. This can be a big reversal for this market.
· The same parallel level for the Nifty is at 4615 and that has not been taken out yet. Today markets can open with a downward bias but we have to see if we can sustain above 4615 on the Nifty. We can see a good bounce towards 4930 if this holds on closing basis.
Disclaimer: These recommendations are based on the theory of technical analysis and personal observations. This does not claim for profit. I am not responsible for any losses made by traders. It is only the outlook of the market with reference to its previous performance. You are advised to take your position with your sense and judgment. I am trying to consider the fundamental validity of stocks as far as possible, but demand and supply affects it with vision variations.